Bo Fulk joins JLL in Nashville, TN as Vice President to oversee Industrial Services division

Bo Fulk

NaSHVILLE, TN – JLL  announced that Bo Fulk has joined its Nashville office as Vice President. 

He will lead the office’s Industrial Services division and represent both tenants and owners in industrial leases and investment sales.

Fulk joins JLL from NorthStar Real Estate Advisors LLC, where he also served as Vice President with a focus on industrial real estate transactions.

Prior to joining NorthStar, Fulk was a Senior Associate of Industrial Services at ProVenture LLC. He has completed leases and sales totaling more than five million square feet and more than $75 million in value.

“Our Nashville team will benefit tremendously from the addition of Bo Fulk,” said Tom Hooper, Market Leader for JLL’s Middle and East Tennessee markets. 

“He brings deep market expertise, invaluable experience and tremendous client-relationship skills. His thoughtful and creative approach will drive great results for our clients.”

Tom Hooper

Fulk is a member of NAIOP and was named a CoStar Power Broker in 2010, 2011 and 2013. He received a Bachelor of Science in finance with an emphasis in real estate from the University of Colorado.

 For more news, videos and research resources on JLL, please visit JLL’s U.S. Media Center web page.

  For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404-549-7150 (O)

 404-405-2354 (C)

sursery@thewilbertgroup.com

Lincoln Harris Brokers GSA’s 9,669-Square-Foot Lease Renewal in Raleigh, NC

Kaler Walker

RALEIGH, NC — The General Services Administration (GSA) has renewed their 9,669-square-foot office lease within the Cypress Building, located at 3117 Poplarwood Court in North Raleigh.

Kaler Walker of Lincoln Harris’ Raleigh office represented the landlord, Cedar East & Cypress, LCC in the transaction.

 The GSA signed a long-term renewal for the space, which serves as an Army recruiting office.

“The GSA has been a fantastic tenant, and we look forward to keeping them in the Cypress Building for a long time,” Walker said.

The Cypress Building, built in 1980, is located in the heart of Raleigh with easy access to Interstate 440, downtown and Midtown.

 The landlord recently renovated the common areas and restrooms.

 For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404-549-7150 (O)

 404-405-2354 (C)

sursery@thewilbertgroup.com

$8 million sale of chase Bank Building in south beach, fl arranged by marcus & millichap

Douglas K. Mandel

 MIAMI BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Chase Bank Building, a 20,603 square foot office property located in Miami Beach, Fla. The asset sold for $8,000,000 equating to $388 per square foot.

Douglas K. Mandel, a first vice present investments, and Benjamin H. Silver, an associate vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Norfolk, VA. 

The buyer, a private investor from Miami Beach, was secured and represented by Jamie Medress, a senior vice president investments and Mark Ruble, a first vice president investments, in Marcus & Millichap’s Phoenix, AZ office.

“The Chase Bank Building was a highly sought after deal that received tremendous interest from investors across the country,” says Silver.

Benjamin H. Silver

 “We generated dozens of offers at list price or higher within only a couple of weeks from going to market. Ultimately we went with an offer $800,000 above list price with no due diligence period and a 10-day close.”

  The property is a two tenant mixed-use property comprised of 20,603 rentable square feet. The ground floor retail space is occupied by Chase Bank and the second floor is built-to-suit office space occupied by the United States Social Security Administration. The property also contains Chase Bank drive through lanes to the east.

It is located at a hard corner signalized intersection and is extremely visible to the high volume of north/south traffic on Alton Road and east west traffic on Dade Boulevard at 1801 Alton Road in South Beach, FL. 

 For a complete copy of the company’s news release, please contact:

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Capital Square Realty Advisors Acquires Healthcare Buildings in Virginia and Wisconsin

                                

Louis Rogers

RICHMOND, VA – Capital Square Realty Advisors, LLC announced today that it has acquired a healthcare related two-building portfolio located in the Richmond suburb of Mechanicsville, Va. and the Milwaukee suburb of Hartford, Wis. 

  

“Each of these healthcare properties are on long-term leases to strong tenants who will benefit as the demand for healthcare continues to grow,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

“The demographic aging of America and the impact of the Affordable Care Act makes quality healthcare real estate assets such as these attractive investments, and we’re pleased to further expand Capital Square Realty Advisors’ portfolio in this specialized sector.”

The portfolio includes a built-to-suit 20,066-square-foot single-story medical office building that is 100 percent leased to Virginia Women’s Center, the largest women’s healthcare private practice in central Virginia.

 Located at 7515 Right Flank Road, the property is within one-mile of Richmond’s award-winning Memorial Regional Medical Center. The 2.1-acre property, which was constructed in 2013, includes 103 surface parking spaces, and is located within The Shoppes at Bell Creek, comprised of office condominiums, free-standing office buildings, a veterinary hospital and retail stores.

For a complete copy of the company’s news release, please contact:

Julie Leber

Account Manager

Spotlight Marketing Communications

18101 Von Karman Avenue, Suite 330

Irvine CA 92612

949-427-5172, ext. 703

julie@spotlightmarcom.com

Shoppes of Coral Way in Miami, FL Hits the Market at $22 Million

Drew A. Kristol

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has obtained the exclusive listing for Shoppes of Coral Way, a 48,993-square-foot shopping center in Miami.

 The asset is listed for $22,000,000. Drew A. Kristol and Kirk D. Olson, vice presidents investments in Marcus & Millichap’s Miami office, are marketing the portfolio on behalf of the seller, a limited liability company based in Coral Gables, Fla.

“The Shoppes of Coral Way presents a rare opportunity to acquire a trophy corner shopping center in the heart of Miami-Dade County with anchor national tenants and below-market rents,” says Olson.

 “A buyer can maintain the existing tenant roster and collect rental increases that take effect over time, or pursue a more aggressive strategy of repositioning tenants in order to grow the income at a more rapid pace.

“ Regardless of the strategy chosen, this investment presents virtually no downside risk and tremendous rental growth potential.”

Kirk D. Olson

“Most of the tenants have operated within the shopping center since it was developed with leases that allow for substantial rental increases over time,” adds Kristol. “Due to the property’s rare corner location and available parking, the market rental rate for the small shop spaces are in the $45 to $50 per-square-foot triple-net range.”

Developed in 1995, the 100 percent occupied property features attractive, modern construction and is anchored by Office Depot and CVS. Other national tenants include The UPS Store, Check ’n Go, GNC and RadioShack. The sole local tenant is a nail salon.

Interested investors can contact Drew Kristol or Kirk Olson at (786) 522-7000.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Brokers Sale of All Children’s Outpatient Center in Palm Harbor, FL

All Children's Outpatient Center, Palm Harbor, FL

 PALM HARBOR, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of All Children's Outpatient Center, a 26,070-square foot medical office building located in Palm Harbor, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

John Rueda, an associate in Marcus & Millichap’s Tampa office, represented the local seller.

 The property was marketed nationally and received interest from several investment groups throughout the United States.  Eventually, the buyers who were the current tenants, All Children’s Hospital Incorporated, a division of John Hopkins, were secured by John Rueda.

John Rueda

All Children's Outpatient Center is located at 3850 Tampa Road in Palm Harbor, Florida. This high-profile office holding is located adjacent to Morton Plant Mease Outpatient Center on Tampa Road. 

  This is a clinical facility that provides high-quality pediatric rehabilitation services in a convenient and child-friendly outpatient setting.

“This Class “A” property, in the well represented Cornerstone Complex, generated much interest,” says Rueda.  

“Ultimately, it made sense for All Children’s Hospital to pursue the asset as it guaranteed their permanent tenancy at the high profile location.  I feel the best fit was found for the property, the buyer and the seller.”

  

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Marchi Apartments in New Smyrna Beach, FL for $1.36 Million

Nicholas Meoli

NEW SMYRNA BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Marchi Apartments, a 37-unit apartment property located in New Smyrna Beach, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,360,000.

For Marcus & Millichap, Michael Donaldson, a vice president investments and Nicholas Meoli, a senior associate in the firm’s Tampa office, along with Johnny Pullman, an associate in Marcus & Millichap’s Orlando office represented the seller, a private investor from Florida.

Joe LaFleur, a senior associate and Christopher Minchin, an associate, both in the firm’s Orlando office represented the buyer, a New York-based private investor.

Marchi Apartments was built around 1980 and is located at 1050 Wayne Avenue in New Smyrna Beach, Florida.  

This garden-style, multifamily community is located across from the New Smyrna Beach Municipal Golf Course and is only five minutes from the Atlantic beaches.

Marchi Apartments, New Smyrna Beach, FL

The property consists of six buildings of frame construction resting on approximately 4.2 acres and includes a 1.5 acre fish pond.

 It has recently been renovated with upgrades to the units including new carpeting, tile flooring, fixtures and windows.

 There is a highly desirable unit mix of 24 two-bedroom/one-bath units and 13 three-bedroom/two-bath townhouses.  Each unit features washer and dryer hookups in a utility closet that can also be used for storage.

“The Marchi Apartments was one of the most sought-after offerings that we’ve had in recent months due its desirable unit mix of all two and three-bedroom spacious floor plans, high occupancy level and future growth potential” says Donaldson.

Michael Donaldson

 “Our marketing campaign generated over 150 registered buyers from throughout the country, as well as international markets, which resulted in 11 offers and an ultimate closing with a 1031 exchange buyer based in New York,” adds Meoli.

“With 1031 exchanges becoming more and more prevalent, we are continuing to see sellers gravitate towards buyers in exchange scenarios due to their time constraints, hence a higher probability of closing,” concludes Pullman.

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Temple Terrace, FL Townhomes for $1 Million

Adam Podbelski

TAMPA, Fla., October 2, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Temple Terrace Townhomes, a 24-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $1,050,000.

Adam Podbelski, associate, Michael Donaldson, a vice president investments, and Nicholas Meoli, a senior associate, all in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Temple Terrace Townhomes is located at 10212 North Ojus Drive in Tampa, Florida.  Built in 1980, the complex consists of 12 two-story duplexes constructed of concrete block on the first floor and wood frame on the second floor.

Michael Donaldson

 The property is comprised in total of 24, two-bedroom/one-bath townhome units with approximately 848 rentable square feet.  Sitting collectively on approximately 0.84 acres, eight of the duplexes are individually parceled, while the remaining four are contained on two parcels.

 The buildings boast private patios/porches for each unit.  Additional amenities include central air-conditioning and washer and dryer connections in all units. 

“This asset offered significant upside through both management efficiency and rental increases,” says Podbelski.  “Coupled with its desirable location in the University submarket of Tampa, we were able to generate substantial interest from both local and out-of-area buyers, ultimately allowing us to close within 60 days of the executed contract.”

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

HFF closes sale of 440-unit Arbor Creek in Beaverton, OR

  

Ira Virden

PORTLAND, OR – HFF announced it has closed the sale of Arbor Creek, a 440-unit garden-style multi-housing community in Beaverton, Oregon.

               HFF marketed the property on behalf of Holland Partner Group.  Jackson Square Properties purchased the property for an undisclosed amount.

               Arbor Creek is situated on 22 acres at 3280 Southwest 170th Avenue approximately 1.5 miles from Nike World Headquarters and within 10 minutes of the Intel Ronler Acres Campus and other major area employers.

 Partially renovated in 2013, the property includes one- and two-bedroom units averaging 768 square feet each.  Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center. 

               The HFF investment sales team was led by director Ira Virden and associate director Kerry Hughes.

Kerry Hughes

Founded in 2001, Holland Partner Group (“HPG”) based in Vancouver, Washington is a fully integrated real estate investment company.  

Current assets under management and development represent approximately $7.5 billion in 30,000 apartment homes located in the western United States’ most sought after markets. 

  The company accomplishes its investment objectives in strategic alignment with its capital partners through its five integrated operating companies, including development, construction, acquisition, redevelopment and management.   

HPG’s combined business volume in 2013 exceeded $1 billion and total employment in 2014 is expected to reach the 1,000 team member mark.

Jackson Square Properties is a privately-held company that capitalizes value-added real estate across the United States, renovating multifamily real estate in a manner that maximizes return on investment for its investment partners.  Since 2010, JSP has acquired more than 13,500 apartment units.  The company’s current portfolio consists of over 18,000 apartment units nationwide with concentrations in California, , Seattle, Portland, Denver, Chicago and Utah.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF secures $15.5 million financing for two Denholtz-owned New Jersey properties

Jon Mikula

FLORHAM PARK, NJ – HFF announced it has secured a $15.5 million financing for the Business Centre at Edison, a 12-building office park totaling 125,981 square feet in Edison, New Jersey, and 140 Ethel Road West, a 108,875-square-foot industrial building in Piscataway, New Jersey.

Working on behalf the borrower, Denholtz Associates, HFF placed the seven-year, fixed-rate loan with Investors Bank.  Loan proceeds were used to retire existing debt.

               The Business Centre at Edison is a Class B office park located on 13.66 heavily-landscaped acres at 1090 King Georges Post Road in Edison.  It is approximately 25 miles southwest of Manhattan, 50 miles north of Center City Philadelphia and 15 miles south of Newark Liberty Airport.  The 12 single-story buildings are currently 96.9 percent leased.

               140 Ethel Road West is situated on 6.24 acres in Piscataway, a suburban community off of Interstate 287 in central New Jersey.  It is less than five miles west of New Jersey Turnpike (Interstate 95) and less than six miles southwest of the Garden State Parkway. 

Michael KLein

Manhattan is 35 miles away, and the property is 55 miles north of Center City and 15 miles south of Newark Liberty Airport.  This building is currently 90 percent leased.

               The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula, director Michael Klein and associate director Michael Lachs.

               “Both of these properties demonstrate Denholtz Associates’ expertise in owning and managing mid-sized buildings that are well occupied by a diverse mix of small tenants,” Klein said.  “Investors Bank easily recognized this strength, understood the individual markets and was able to close flawlessly with a short time frame that accommodated the borrower’s needs.”

               Denholtz Associates is a privately-held development, investment and management company active in office, industrial, flex and retail real estate.

 Denholtz targets value-added real estate, allowing its combined substantial in-house capabilities and financial resources to capitalize on opportunities that exist in the marketplace.

Business Centre at Edison, Piscataway, NJ

 The company’s entrepreneurial spirit and decades of experience has enabled it to consistently grow a diverse, multi-state portfolio reflecting a variety of property types and locations consisting of millions of square feet of quality real estate.

 Headquartered in Matawan, New Jersey, Denholtz Associates has 100 employees and maintains offices in Atlanta, Chicago and throughout Florida and New Jersey. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $38.2 million refinancing of Sawgrass Lake Center in Sunrise, FL

Sawgrass Lake Center, 13450 West Sunrise Boulevard,  Sunrise, FL

MIAMI, FL – HFF announced it has arranged a $38.2 million refinancing for Sawgrass Lake Center, a 239,373-square-foot, Class A office building in Sunrise, Broward County, Florida.

               Working on behalf of the borrower, a joint venture between CNL Commercial Real Estate and Long Wharf Real Estate Partners, HFF placed the interim loan with a portfolio lender.

Paul Stasaitis

 Loan proceeds will be used to encumber the property with senior financing and provide future funding for tenant improvements and leasing costs.  The borrower acquired the property in March of 2014 in a sale also closed by HFF.

               Sawgrass Lake Center is located at 13450 W. Sunrise Boulevard adjacent to the DoubleTree by Hilton hotel and just south of the Sawgrass Mills Mall, the second most visited tourist attraction in the state of Florida behind Disney World. 

Completed in 2001, the property sits on 6.9 acres and includes a 1,083-space, five-level parking garage.  Sawgrass Lake Center is 84 percent leased to a host of national tenants. 

               The HFF debt placement team representing the borrower was led by senior managing director Paul Stasaitis, director Chris Drew, associate director Jorge Portela and real estate analysts Jose Carrazana and Maxx Carney.

Chris Drew

Through the end of second quarter 2014, HFF’s debt placement team has secured more than $2.9 billion in loan placements for office assets nationally.  In Florida, HFF has closed more $83 million in office transactions across all capital markets platforms over the same period.  

“2014 has marked a significant increase in demand from both investors and lenders in the office sector evidenced by the fact that there were a number of top-tier senior lenders that competed to provide a loan for this best in class office asset.  

"As a result, the terms obtained materially exceeded what we anticipated prior to taking the loan request to market,” said Drew.    

CNL Commercial Real Estate is full service real estate operating company that offers a full range of commercial real estate services, including leasing and management, tenant representation, project management, facilities management and brokerage services, as well as a development and investment platform. It operates in all sectors of commercial real estate, including office, retail, industrial and multifamily.

               Long Wharf Real Estate Partners is a Boston-based private equity real estate manager focused on value-added investments in the U.S. 

Investing on behalf of institutional clients including public and corporate pension funds, endowments, foundations, and family offices,

Long Wharf utilizes a broad-based value-added strategy targeting opportunities in multiple property sectors and markets across the country.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of seven-property, four-state grocery-anchored portfolio in four states

Richard Reid

ATLANTA, GA – HFF announced it has closed the sale of a 96.5-percent-occupied retail portfolio consisting of seven Publix-, Kroger- and BI-LO-anchored shopping centers totaling 513,723 square feet throughout Florida, Georgia, South Carolina and Texas.

               HFF marketed the portfolio on behalf of the sellers, a joint venture between BVT Equity Holdings, Inc. and WealthCap. 

               The properties include: Kingwood Glen in Houston, Texas; Doral Isles in Miami, Florida; Barclay Crossing in Tampa, Florida; Deltona Landings in Orlando, Florida; Parkway Centre in Columbus, Georgia; Publix at Powder Springs in Atlanta, Georgia; and Sweetgrass Corner in Charleston, South Carolina.

               The HFF investment sales team representing the sellers was led by managing director Richard Reid, senior managing director Danny Finkle and managing director Ryan West.  Senior managing director Rusty Tamlyn and managing directors Jim Hamilton and Luis Castillo also assisted with the transaction.

Danny Finkle

               “The Sunbelt Grocery Portfolio represented an exceptional opportunity to acquire a critical mass of dominant grocery-anchored properties in prime real estate markets throughout the southern United States,” Reid said.

BVT is a German registered investment advisor on behalf of foreign institutional and retail investors with offices in Munich, Germany and Atlanta, Georgia. 

Since 1976, BVT has placed over 180 closed-end funds with a total investment value of over $7.2 billion in real estate and alternative equity opportunities. 

As a fiduciary, BVT also provides asset management, property management, and tax services for its investors.  For more information please visit bvt.com or bvt.de.

WealthCap is one of Germany's market leaders in investments in real assets.  With almost 30 years of investment expertise, WealthCap has access to high quality investment opportunities in many attractive asset classes and markets that we translate into clear investment offerings tailored to individual investment objectives. 

Ryan West

They develop products for both private investors and structured solutions for the particular requirements of professional investors.  Approximately 216,000 investors have now made investments in 138 shareholdings.  Around EUR 7.3 bn of equity has been invested in total.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 |

 Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | 

Cell: 617-543-4873 |

  www.hfflp.com

krmurphy@hfflp.com